New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-02-25
rom food exports this enterprise Of the Irish
baltimore Industrial School seems 70 % worthy o. exam
t,srtj,, nv friendz OF Ireland here
NO RIGHTS IN THE STOCK EXCHANGE
THE COMMERCIAL COMPANY RULED OUT.

IrrDGE INGRAHAM REFUSES AN INJUNCTION-No
PERPETUAL CONTRACT
The amt broulht by the Commercial Telegram
Company against the New-York Stock Exchange and
the ,old and Stock and Western Union Telegraph
compauies. in which an injunction was sought re-
strainng the Stock Exchange from interfering with
EXCHANGE was decided yesterday in favor OF the de-
tendants In long opinion Justice ingraham, OF the
Supreme Court, says that the -. stock Ixc;nange
.ge it's affairs as any private property owner. No
court has the power because OF supposed pubic IN
terest, to allow parties without ts consent 70 enter
upon or use its property for their own benefit 1t
would be entirely different If the Exchange we're
hubble corporation and in consideration OF the powers
granted 1t had assumed certain duties TO the pube
and sought 10 misuse those powers In creating and
fostering a monopoly He says the Stock Exchange
has perfect right to exclude the Commercial Iele-
gram Company from its premises and that the latter
has no right there and interest IN the property and
therefore has standing in court TO compel the
Exchange to allow it to remain ifeicrfipg 10 me
assertion that IL was proposed 10 make cobtfact gf
inc the Gold and Stock Company. which is controlled
by the Western Union Company, exclusive privileges,
Justice Ingraham says:
The fact that the Exchange contempatss the making
nstify the court in compelling Ihs stock Exchange 10
allow the plaintiff privileges Or rights TOT secured %
ingenious arguments of the COUNSEL Tor tne pannn,
based upon the egality Of the Intended cont.ac VIII
by them in supr OF argument do not Therefore.
w. The question ts 70 ne determined sosly uo luo
extent OF the rights and privileges winch tue p hntf
secured from the stock Exchange by the contract WIN
The Judge after reviewing at length the correspon
dence between the Commercial Company AMI inc
Stock EXCHANGE. growing out of the application ny
the company TOR the privilege OF distributing quota
tions, says that in his opinion this does not torn
contract granting TO the company perpetuty OF tho
rights and privileges that it now enjoys anc that II
was simply an agreement from month TO month liable
to be terminated at the end of any month; il TINS
contract TO be perpetual as TO bind the stock
Exchange ii must also oe perpetually binding on INC
painti 80 that il in the future new method should
be devised OF distributing quotations OF the Exchange
or it, in consequence of change in the manner OF con-
Quoting the business the distribution OF such quota
tons should not be profitable yet Tor all time th9
plaintiff would be liable to pay the rent OF $ls,oGO
year to the Stock Exchange. No easement or right
in the real property OF the Stock Exchange was
granted to the Commercial Company and 1t does noe
appear that it acted on the faith OF Perinahent
grant. On the contrary. 1t does appear that tho
Commercial Company had notice of NE temporary
nature of the right granted and that M money was
expended by the Company on the property OF the
Exchange. c,,. yvn,,
On the trial OF the case Roscoe Conkling. william
r. Drnry and George Putnam Smith appeared Tor tne
pIantf and James c. Carter exJudge John +. III
lon and General Wager Swayne for the DEFENDANTS